Sensex surges over 260 points while Nifty around 17,350 in early trade

The Sensex rose 264 points in early trade on Monday, reflecting advances in index heavyweights Maruti, Infosys, and TCS despite a generally favourable trend in global equity markets.

The 30-share Sensex was up 264.02 points, or 0.45%, to 58,127.95. Similarly, the Nifty rose 66.3 points, or 0.38%, to 17,353.35.

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Maruti Suzuki India, Wipro, Tech Mahindra, Tata Steel, Infosys, Titan, Tata Consultancy Services, and HCL Technologies Limited were the top gainers among Sensex components. In contrast, Asian Paints, Kotak Mahindra Bank, Power Grid and Hindustan Unilever Limited were among the laggards.

The 30-share BSE benchmark rose 1,047.28 points, or 1.84%, to 57,863.93 on Thursday. Similarly, the NSE Nifty rose 311.70 points, or 1.84%, to 17,287.05. Due to Holi, the equity markets were closed on Friday.

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“US markets closed on a positive note on Friday with NASDAQ closing 2 per cent higher. The majority of the Asian markets are also trading in green in Monday’s trade,” said Mohit Nigam, Head – PMS, Hem Securities.

In mid-session trades, the Shanghai stock exchange was slightly higher, while the Hong Kong stock exchange was somewhat lower. Tokyo was closed for the day due to a holiday. On Friday, stock markets in the United States closed with significant gains.

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“For the short-term, the biggest positive for the market is the FPIs turning buyers. Crude again back at USD 110 is a headwind,” according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

According to market statistics, foreign institutional investors were net purchasers on Thursday, purchasing shares worth Rs 2,800.14 crore.

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Meanwhile, Brent crude, the international oil benchmark, rose 2.71% to USD 110.8 a barrel. In early trade, the rupee dips 24 paise to 76.08 against the US dollar.